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Expert In



Elliott wave analysis of EUR/NZD for May 30 - 2016


Wave summary:

The consolidation below the short-term important resistance at 1.6689 was more prolonged than it had been expected. It has not changed our view that a break above this short-term resistance soon will be seen as a continuation towards 1.6931 and 1.7223 on the way to the next major upside target at 1.8420.

In the short term, support is seen near 1.6512 and again at 1.6424, but we doubt the later will be seen as that will prolong the correction for the red wave [ii].

Trading recommendation:

We are long from 1.6545 with stop placed at 1.6420. If you are not long on the EUR yet, then buy near 1.6520 or upon a break above 1.6689 and use the same stop at 1.6420.

The material has been provided by InstaForex Company -